Salman Haqqi, personal finance expert at money.co.uk says: "The chancellor pledged an unprecedented £350bn lifeline for businesses, but for many this will be too little too late. The delays to accessing the government-backed funding means that many small businesses , which rely on immediate cash flow, have struggled to stay afloat.
"Small businesses, retailers and sole traders need access to funds, and fast. The overhaul to the loan system should help. Removing the bank eligibility tests for SMEs seeking financial support from the 'Coronavirus Business Interruption Loan Scheme', eliminates one of the major barriers.
"However, confusion remains around which businesses are eligible for which types of loans, and how much money they will ultimately receive. Plus, there are lots of businesses who are still falling between the cracks, directors of limited companies, or people who have been self-employed for less than a year who could be forced into high interest loans offered by some banks.
"Business owners must look at what support they can expect to receive through the government scheme, but also check what their bank is doing to support small business, especially around the interest rates they are charging for money the banks are able to borrow from the government for close to 0%."
Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. Salman left the world of journalism and moved to the UK to pursue a passion for personal finance and a desire to help people make informed financial decisions.Read Salman Haqqi's articles and guides